Zywave, a provider of front office distribution SaaS solutions has signed a definitive agreement to acquire Insurance Technologies Corporation (ITC).
The company, which is backed by Clearlake Capital Group and Aurora Capital Partners plans to align and integrate ITC’s products within its Sales Cloud offering.
This would include multiple front-of-office software solutions that streamline mission-critical workflows that are core to growing insurance businesses’ operations.
ITC’s solutions include agency management software, comparative rating and quoting tools, and marketing automation solutions, which help manage the client lifecycle in the P&C insurance market.
Its solutions have been designed to provide a single source of truth for insurance brokerages and carriers helping to improve their performance and overall business efficiency.
CEO of ITC, Laird Rixford is set to remain with the company.
Jason Liu, CEO of Zywave commented: “Zywave’s acquisition of ITC is a significant move forward towards delivering the most comprehensive suite of software solutions to the insurance industry.
“ITC’s robust comparative rating solution accompanied by agency management and sales enablement tools will drive tremendous value for current and future Zywave customers. We are excited to partner with Laird and the broader ITC team during this next phase of growth.”
Behdad Eghbali, Co-Founder and Managing Partner, and Prashant Mehrotra, Partner, of Clearlake both noted: “ITC has done a tremendous job providing best-in-class software solutions to a large customer base of independent insurance agents and carriers.
“We believe that ITC’s recent business momentum will be further accelerated by integrating their core offerings into Zywave’s Sales Cloud which has a proven track record of delivering significant value within the broader insurance value chain.”
Laird Rixford, CEO of ITC added: “Our partnership with Zywave marks a truly monumental moment for our joint businesses. Combined, our solutions have the potential to not only help insurance providers compete in the digital marketplace, but thrive in all aspects of selling and servicing the insurance consumer. ITC takes pride in the high level of support we offer our clients and remain committed to that support as we enter the next chapter.”
